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Union Finance Minister Nirmala Sitharaman on Tuesday said India's 7.8 per cent GDP growth in the first quarter of financial year 2026-27 augurs well for the rest of the year, highlighting broad-based expansion across key sectors despite global challenges.
In a video message posted on Instagram, Sitharaman said the latest growth numbers had received appreciation at the G20 Summit in Asheville, North Carolina, where she is attending the G20 meetings. "Quarter one of this financial year, 26-27, has come out yesterday, and we've clocked 7.8%. The fastest growing Indian economy stands out in the global arena," she said. "Everyone who's participating here is full of appreciation that despite the global challenges, India's managed to have this kind of a growth, even in the first quarter of this financial year, auguring well for the rest of this year," she added. Sitharaman described the growth as "secular", saying expansion was visible across sectors. She highlighted manufacturing growth of 9.2 per cent and financial and professional services growth of 12.1 per cent. The Finance Minister also pointed to India's foreign exchange reserves, which she said stood at around USD 700 billion, "slightly over 700 billion". The comments came a day after official data showed India's real GDP grew 7.8 per cent in the April-June quarter, surpassing the Reserve Bank of India's earlier estimate of 7 per cent. Real GDP was estimated at Rs 81.36 lakh crore in Q1 FY27, compared with Rs 75.46 lakh crore in the year-ago quarter. Nominal GDP grew 10.3 per cent to Rs 88.27 lakh crore from Rs 80 lakh crore in Q1 FY26. The latest growth data marked the first official assessment of India's economic performance in FY27. The RBI had earlier projected full-year real GDP growth at 6.7 per cent, up from its previous estimate of 6.6 per cent. Sitharaman said the latest figures reflected the contribution of Indian citizens and the government's longer-term development goals. "All parameters show that the hard work of the Indian citizens is really paying, and the motivation with which Prime Minister is leading the country towards Vikasad Bharat of 2047," she said. Earlier, PM Modi congratulated the people of India for their hard work and said the country's economic growth came despite global challenges, including wars, crises and disrupted supply chains. He also took a dig at the opposition for echoing falsehoods and spreading despair. "A growth rate of 7.8%--the nation is filled with joy. I congratulate the people of this country for their resolve and their industrious spirit; this reflects our collective strength. The world is mired in conflict; news of war is coming from all directions, and the globe is beset by crises. Supply chains are severely disrupted. Since the COVID era of 2020, stability has been elusive everywhere. Yet, India continues to progress rapidly. Meanwhile, within the country, there are those mired in the abyss of pessimism, echoing falsehoods and spreading despair. Rising above all this and cutting through these obstacles, the nation has achieved a growth rate of 7.8%. We must maintain this momentum. We must keep moving forward, and for that, becoming Atmanirbhar Bharat is essential," he said. The next quarterly GDP estimate, covering July-September 2026, is scheduled to be released on November 30. (ANI)
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